Less than half of lots move at Rapaport auction

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Less than half of lots move at Rapaport auction

December 03, 2007

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New York—Rapaport auctioned off 16 of its 39 diamond lots available at last week's auction, for a total of $104,814.

The top stone auctioned was a 1.06-carat diamond with D color, VVS1 clarity and an "Excellent" grade that went for $12,000.

Prices on the other 15 lots sold ranged from $3,875 to $7,850.

The auction is the latest in a series designed to create a futures market for diamonds.

Rapaport Chairman Martin Rapaport was not immediately available for comment on the auction results on Monday.

In addition, the Rapaport Group announced that it has acquired a 50 percent stake in an Indian jewelry magazine, The Art of Jewellery.

The six-year-old magazine, which covers the jewelry industry while engaging in exhibitions and top industry events throughout India, has won several awards.

The magazine is the organizer for the South India Jewellery Show (SIJS), held annually in Bangalore.

The partnership will allow the magazine to penetrate new markets in India and expand its reach.

"The Indian gem and jewelry sector is one of the fastest growing markets in the world," said Rapaport, who will be appointed chairman of the magazine's board of directors. "This investment is a sign of our deep long-term commitment to India's jewelry sector. We appreciate India's wonderful jewelry community for its consistent encouragement and support of our activities in India."

Editor's note: For earlier developments in this story, see Rapaport to auction six lots with no reserve.

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